Criminals are getting more cunning and this seems to be true in the case of slain billionaire Barry Sherman who was a victim of fraud before he passed away.
Could This Be A Link?
Billionaire Barry Sherman sued for losing investment over $150,000 and even filed court papers on the last day he was seen alive by anyone. He was found dead in his Toronto mansion with his wife on the 15th of December 2017. The pair may have been victims of a targeted homicide, the police say.
Sherman filed the case mentioned earlier against a convicted fraudster for allegedly duping him of more than $150,000 in investment. Documents from the Ontario Supreme Court showed that Sherman, who founded the Canadian pharmaceutical giant Apotex, invested a huge sum in a mobile-trivia app that promises huge cash prizes called Trivia For Good. The lawsuit begun in May 2017 and was filed against Shaun Rootenberg and other involved parties for allegedly being a fraudulent scheme that Sherman believed cheated him out of his investment.
It should be noted that Sherman is well known for taking quite a number of his business dealings to court. The mentioned lawsuit against Rootenberg is just one of the hundreds that Sherman or his company, Apotex, filed in the course of his business.
During the final week of Sherman’s life, he really made a legal effort to recover the $150,000 he had lost. This amount is just a very small fraction of his $5 billion worth, but still, he and his lawyers did what they could to file an aggressive motion to court in the hopes that the case will finally see trial.
The Plot Thickens
Sherman was introduced to the alleged bogus investment by his friend of many years, Myron Gottlieb as shared by emails filed in court. The emails also showed that Shaun Rootenberg, Gottlieb, and Sherfam Inc (Sherman’s holding company) corresponded. Gottlieb also thanked Sherfam officials back in August 2015 thanking them for the promised $150,000 investment with a note that Sherman will buy 750,000 units.
It was Gottlieb who gave instructions as to how $150,000 should be wired to the app company’s bank account but allegations say that Rootenberg set out to defraud Sherman and schemed to divert the funds for his own benefit. Gottlieb and Rootenberg met in 2012 while both were serving time in prison for fraud.
Possible Conspiracy or Bad Timing?
Gottlieb was convicted of fraud in 2009 together with Livent co-founder Garth Drabinsky. Their musical production company called Livent Inc was involved in shady dealings.
Rootenberg was recently released on bail after spending time at the Toronto South Detention Center. He maintains that he is not involved in Sherman losing money on a bad investment. He has a record for fraud and met Gottlieb while serving time in prison for his fraud conviction.
Need help preventing yourself from being targeted for fraud? Talk to us and avail of our private investigation services. We’ll help you avoid fraud by checking possible investment opportunities for validity as well as conducting background checks for future business partners.